JPMorgan Chase, the biggest bank in the U.S., is now letting its clients buy Bitcoin, even though CEO Jamie Dimon has been known to criticize the cryptocurrency.
During the Bank’s Annual Investors Day on Monday, Dimon, 69, made this unexpected announcement, leading to ongoing discussions about his future with the bank, where he’s been in a leadership role for nearly twenty years.
“We’re going to allow you to buy it,” Dimon stated to investors. “We aren’t going to hold it. It will be included in our clients’ statements.”
Dimon has always expressed skepticism toward Bitcoin, highlighting concerns like money laundering and ambiguous ownership. Back in 2021, he called Bitcoin “worthless,” and just last year, he dismissed it in a CNBC interview, referring to it as “nothing” and “pet rock.”
In his Senate testimony this year, he even suggested that the government might need to shut down Bitcoin, expressing worries about its connection to various criminal activities.
On the other hand, rival Morgan Stanley was the first major U.S. bank to allow customers to buy cryptocurrencies, doing so in August 2024, with CEO Ted Pick aiming to expand their crypto offerings.
The change at JPMorgan comes in light of a new, more crypto-friendly regulatory environment following a tenure under Gary Gensler at the SEC, which had engaged in legal action against multiple digital asset firms.
JPMorgan’s succession plan drew attention on Monday after analyst Mike Mayo from Wells Fargo suggested reviewing Dimon’s potential resignation plans.
Dimon reassured investors that he intends to stay on as executive chairman for a while, even after stepping down as CEO.
“It really depends on the board. I could have four more years, or maybe two or three years—that’s quite a stretch. There’s a lot of value ahead,” he explained.
At the previous Investor Day, Dimon had mentioned that his timeline for succession wouldn’t extend to five years anymore, which could potentially affect stock prices negatively.
Speculation had also risen about possible successors since Dimon was floated as a prospective Treasury candidate during last year’s presidential election.
There are believed to be four contenders: Marianne Lake, the head of consumer and community banking; co-CEOs Doug Petno and Troilobaugh from investment banking; and Mary Eldoz, who leads the asset management division.
Additionally, Jennifer Piepsack, the Chief Operating Officer, is among those who have been in the running to take over after Dimon’s departure.
